King Luther Capital Management Corp Acquires 3,515 Shares of Red Rock Resorts, Inc. (NASDAQ:RRR)

King Luther Capital Management Corp boosted its holdings in shares of Red Rock Resorts, Inc. (NASDAQ:RRR) by 5.9% during the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 63,278 shares of the company’s stock after purchasing an additional 3,515 shares during the quarter. King Luther Capital Management Corp owned about 0.06% of Red Rock Resorts worth $3,476,000 at the end of the most recent quarter.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Public Employees Retirement Association of Colorado purchased a new stake in shares of Red Rock Resorts during the 2nd quarter worth approximately $389,000. XTX Topco Ltd bought a new position in Red Rock Resorts in the 2nd quarter valued at $239,000. WCG Wealth Advisors LLC grew its position in Red Rock Resorts by 2.5% in the 2nd quarter. WCG Wealth Advisors LLC now owns 18,325 shares of the company’s stock valued at $1,007,000 after acquiring an additional 450 shares during the last quarter. Seven Eight Capital LP grew its position in Red Rock Resorts by 477.5% in the 2nd quarter. Seven Eight Capital LP now owns 28,914 shares of the company’s stock valued at $1,588,000 after acquiring an additional 23,907 shares during the last quarter. Finally, Edgestream Partners L.P. grew its position in Red Rock Resorts by 76.9% in the 2nd quarter. Edgestream Partners L.P. now owns 36,602 shares of the company’s stock valued at $2,011,000 after acquiring an additional 15,911 shares during the last quarter. Institutional investors own 47.84% of the company’s stock.

Red Rock Resorts Stock Down 1.5 %

Shares of RRR stock opened at $53.41 on Friday. The stock’s 50-day simple moving average is $55.90 and its 200-day simple moving average is $55.26. The company has a debt-to-equity ratio of 15.15, a quick ratio of 0.89 and a current ratio of 0.94. The firm has a market capitalization of $5.64 billion, a PE ratio of 18.55, a P/E/G ratio of 5.36 and a beta of 2.04. Red Rock Resorts, Inc. has a fifty-two week low of $37.82 and a fifty-two week high of $63.28.

Red Rock Resorts (NASDAQ:RRR) last announced its quarterly earnings data on Tuesday, July 23rd. The company reported $0.59 earnings per share for the quarter, beating analysts’ consensus estimates of $0.43 by $0.16. The business had revenue of $486.40 million for the quarter, compared to analyst estimates of $475.80 million. Red Rock Resorts had a return on equity of 83.84% and a net margin of 9.21%. The company’s revenue was up 16.9% on a year-over-year basis. During the same period in the prior year, the company earned $0.65 earnings per share. Equities analysts expect that Red Rock Resorts, Inc. will post 1.61 earnings per share for the current year.

Red Rock Resorts Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Monday, September 30th. Stockholders of record on Monday, September 16th will be issued a $0.25 dividend. This represents a $1.00 dividend on an annualized basis and a dividend yield of 1.87%. The ex-dividend date of this dividend is Monday, September 16th. Red Rock Resorts’s dividend payout ratio is presently 34.72%.

Insider Activity

In related news, CEO Frank J. Fertitta III bought 67,000 shares of the company’s stock in a transaction that occurred on Thursday, August 1st. The shares were purchased at an average cost of $54.49 per share, with a total value of $3,650,830.00. Following the completion of the acquisition, the chief executive officer now directly owns 45,914,301 shares in the company, valued at $2,501,870,261.49. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. In other news, CEO Frank J. Fertitta III bought 67,000 shares of the firm’s stock in a transaction that occurred on Thursday, August 1st. The stock was purchased at an average cost of $54.49 per share, for a total transaction of $3,650,830.00. Following the purchase, the chief executive officer now directly owns 45,914,301 shares in the company, valued at approximately $2,501,870,261.49. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, COO Kord Nichols sold 49,464 shares of the business’s stock in a transaction on Monday, July 29th. The shares were sold at an average price of $58.00, for a total transaction of $2,868,912.00. Following the completion of the transaction, the chief operating officer now owns 71,946 shares of the company’s stock, valued at $4,172,868. The disclosure for this sale can be found here. Over the last three months, insiders have bought 200,000 shares of company stock valued at $10,426,000. Company insiders own 53.28% of the company’s stock.

Analysts Set New Price Targets

RRR has been the subject of several research reports. Morgan Stanley upped their target price on Red Rock Resorts from $54.00 to $56.00 and gave the stock an “equal weight” rating in a report on Wednesday, September 4th. Wells Fargo & Company cut Red Rock Resorts from an “overweight” rating to an “equal weight” rating and upped their price objective for the stock from $63.00 to $64.00 in a research note on Wednesday, July 24th. Susquehanna upped their price objective on Red Rock Resorts from $63.00 to $70.00 and gave the stock a “positive” rating in a research note on Wednesday, July 24th. Stifel Nicolaus upped their price objective on Red Rock Resorts from $59.00 to $62.00 and gave the stock a “hold” rating in a research note on Wednesday, July 24th. Finally, Macquarie upped their price objective on Red Rock Resorts from $62.00 to $65.00 and gave the stock an “outperform” rating in a research note on Wednesday, July 24th. Six analysts have rated the stock with a hold rating and seven have given a buy rating to the company. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus price target of $63.50.

Red Rock Resorts Company Profile

Red Rock Resorts, Inc, through its interest in Station Casinos LLC, develops and operates casino and entertainment properties in the United States. The company owns and operates gaming and entertainment facilities, including Durango Casino & Resort and smaller casinos in the Las Vegas regional market.